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Annual Report 2016

Business performance and position of the company

The 2016 financial year progressed highly successfully for technotrans. The group achieved a major leap in revenue to € 151.8 million and posted its best result for nine years with EBIT of € 9.7 million.

With organic revenue growth of almost € 10 million compared with the previous year, consolidated revenue for the past financial year reached € 132.5 million, at the upper end of the original target range. The initial consolidation of the new participating interests worked against profit, with the result that the group-wide operating margin came to 6.4 percent; based on adjusted EBIT the margin was 7.5 percent and therefore in line with the original forecast.

The Board of Management of technotrans AG assesses developments in the year under review as overall positive. As part of the growth strategy, two new participating interests and three strategic additions at existing participating interests were acquired in the course of the year. The new participating interest GWK Gesellschaft Wärme Kältetechnik mbH is the largest single acquisition to date in the history of technotrans.

At the time the plans for 2016 were drawn up, the Board of Management assumed revenue growth of between 3 and 7 percent for the technotrans Group on the basis of a stable development in the world economy in conjunction with various new projects involving both existing and new customers. Acquisitions were not built into the calculations at that time. With the publication of the quarterly communication at the end of the third quarter, the Board of Management firmed up the targets for the year on the basis of the enlarged group of consolidated companies in forecasting consolidated revenue of around € 150 million and EBIT of between € 9.5 and € 10.5 million. This meant that the growth targets for revenue and operating profit were achieved, as latterly expected.

The Technology segment in particular made positive progress thanks to both organic growth and acquisitions, and grew by 27.2 percent to € 103.6 million. The Services segment, too, achieved year-on-year growth of 16.4 percent to post revenue for the year of € 48.2 million.

The structure of the technotrans Group’s balance sheet, too, changed significantly in 2016 as a result of the growth and the increased investing and financing activities in connection with the interests acquired. The debt repayment period (ratio of net debt to EBITDA) achieved a very good figure of 0.4. Equity in absolute terms improved by € 10.2 million to € 61.9 million (previous year: € 51.7 million), and the equity ratio was 51.0 percent (previous year: 68.0 percent).